I am sure we are going to see this in Rehoboth Beach this winter. Our rentals have been consistent and judging by the early bookings we should see similar tourist staying local for our next beach season.
According to today's The Wall Street Journal, house flipping is making a comeback. The article states that "flipping homes is back in fashion". The story goes on to tell of a Phoenix, AZ. man who bought a house at auction for $486,300 and sold it a week later to a lady moving into the area for $690,000.
Are we going to see the "flipping" trend once again? Will we start to see a spike in tv shows like "Flip This House", "Flip That House" and "Property Ladder"?
Hopefully, most people will realize that the people who are doing the flipping now are purchasing homes at foreclosure auctions and with cash. There are a lot of good buys in the South Lake County area right now, but you can't really flip the good deals around here. Most of the REO's in this area won't let you resell them for a specific period of time.
If you have extra cash that you can afford to possibly lose, knock yourself out and enjoy the courthouse steps process. However, I would really think long and hard about borrowing money to purchase a house that you hope to resell for a profit. The house you are buying at auction? The people who lost it probably had the same ideas you have. Be smart people and let the real estate market continue to correct itself.
Johnny Davis - Broker/Owner - Davis Signature Realty LLC
Davis Signature Realty LLC is a Full Service Real Estate Brokerage that specializes in all of Lake County Florida and parts of West Orange County Florida (Winter Garden, Ocoee, Oakland and Windermere). If you are in the market to buy or sell a home in Lake or West Orange County, I would love the opportunity to talk to you to see if I could be of help to you.
Phone: 321-231-4141 Email: firstname.lastname@example.org